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8 Cards in this Set
- Front
- Back
Economic Crisis |
Definition: The economy of a country suddenly experience a downturn brought on by a financial crisis. Unstable situation of extreme danger or difficulty
Example: Mexican economic crisis in 1994 |
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Welfare State |
Definition: A social system whereby the state assumes primary responsibility for the welfare of its citizens, as in matters of health care, education, employment, and social security.
Example: In UK, poorer people have to pay a smaller part of their income as income tax than the rich. United Kingdom, Canada, and France are welfare states |
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Neoliberalism |
Definition: A political theory of the late 1900s holding that personal liberty is maximized by limiting government interference in the operation of free markets.
Example: Social market economy in Germany under Ludwig Erhard
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Globalization |
Definition: Worldwide movement toward economic, financial, trade, and communications integration.
Example: Coca cola is a worldwide known brand |
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Regionalism |
Definition: Political division of an area into partially autonomous regions. Advocacy of such a political system.
Example: Canada is divided into regions |
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Trade Embargo |
Definition: Any regulation or policy that restricts international trade.
Example: United States and Cuba had a trade embargo |
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Economic Recovery |
Definition: Phase of the business cycle following a recession, during which an economy regains and exceeds peak employment and output levels achieved prior to downturn.
Example: United States had an economic recovery in 2014 |
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Economic Miracle |
Definition: Period of dramatic economic development that is entirely unexpected or unexpectedly strong.
Example: Sweden, from 1946-47 to 1974, in which the GDP per capita increased from around USD 1500 in 1947 to USD 24000 in 1974. |
